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S 2078 105th Congress Senate Taxation Agricultural production Agriculture and Food Business income tax Commerce Excise tax Farm income Finance and Financial Sector Financial statements Government Operations and Politics Government paperwork Income tax Law Tax deductions Tax deferral Tax exclusion Tax penalties Tax returns Trusts and trustees

Farm and Ranch Risk Management Act

Introduced: May 13, 1998 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 13, 1998
Read twice and referred to the Committee on Finance.
May 13, 1998
Sponsor introductory remarks on measure. (CR S4833-4834)
May 13, 1998
Introduced in Senate
 Plain-English summary Congressional Research Service

Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow individuals engaged in eligible farming businesses to deduct from gross income for any taxable year the amount (limited to 20 percent of the individual's taxable income for the year) paid into an interest-bearing Farm and Ranch Risk Management (FARRM) Account, created for the taxpayer's exclusive benefit. Requires withdrawal of contributions within five years, upon which they are taxable as ordinary income in the year of withdrawal. Deems a distribution, subject to income tax, of any deposits not actually distributed within five years, and prescribes an additional penalty tax of ten percent of any such deemed distribution.

What's happening now May 13, 1998

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Republican 1